Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the market is still on the support of the Cloud.
EUR/USD: bulls tested daily resistance
Technical levels: support – 1.1120; resistance – 1.1230.
- Sell — 1.1230; SL — 1.1250; TP1 — 1.1120; TP2 – 1.1080.
Reason: bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, but Tenkan-sen is horizontal; expecting a bouncing from the daily resistance near 1.2330/50.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.